As the PE industry matures, firms must contemplate a future that may continue beyond the involvement of their founding members. As a result, PE firms are paying increasing attention to succession planning, which may also be of interest, directly or indirectly, to investors. An expert panel at the Practising Law Institute’s recent Twentieth Annual Private Equity Forum addressed this topic and discussed market trends; different approaches to general partner succession planning; the advantages and challenges of those approaches; and fund document terms that may impact those arrangements. The presentation was moderated by Leor Landa, partner at Davis Polk, and featured Michael S. Hong, partner at Davis Polk, and Justin Storms, partner at Debevoise & Plimpton. This article highlights key points from the panelists’ discussion. For further commentary from Davis Polk partners, see our two-part series “Steps Advisers Can Take to Minimize the Risk That a Routine SEC Examination Ends With a Referral to Enforcement”: Five Key Priorities for OCIE (Jan. 4, 2018); and Examination Process, Interview Preparation and Remediation Considerations (Jan. 18, 2018).